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Building a house

  • 01-06-2016 8:54am
    #1
    Curiosity well you know what that did
    Registered Users, Registered Users 2 Posts: 12 ✭


    Hi, can anybody tell me if a site can be used as a deposit for a mortgage, or has that all changed with the new mortgage regulations?
    Also, if there is an existing dwelling on the site, is planning permission guaranteed if that dwelling is knocked?


Comments

  • #2
    sydthebeat
    Subscribers Posts: 42,171 ✭✭✭✭sydthebeat


    Curiosity well you know what that did wrote: »
    1. Hi, can anybody tell me if a site can be used as a deposit for a mortgage, or has that all changed with the new mortgage regulations?

    2. Also, if there is an existing dwelling on the site, is planning permission guaranteed if that dwelling is knocked?

    1. in most cases yes, it can be considered as part of the deposit, obviously depending on the value of the site and the mortgage amount.

    2. absolutely no, there are no guarantees when it comes to planning. there are many factors including the current structural condition of the dwelling, the reasons for knocking and the design and location of the new dwelling... among others


  • #3
    db
    Registered Users, Registered Users 2 Posts: 1,104 ✭✭✭db


    On your mortgage question, the bank will look at the finished value of the house and you will need to get a valuation for this. You will be able to borrow this amount - deposit up to the maximum allowed based on your earnings. If the bank / valuer decide that the house won't be worth the value of the site plus what you want to borrow they won't lend you the money. They will also want to see detailed costings for your build to make sure you have enough finance in place to complete the house.


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